In a recent submission to the U.S. Bankruptcy Court in Delaware, FTX's debtors outlined their estimations for cryptocurrency and foreign currency values for users who held claims on the collapsed exchange.
The proposal, made on December 27, aimed to establish what the debtors considered a "fair and reasonable value" for user claims based on the digital assets held at the time of FTX's collapse in November 2022. The submission listed approximately 500 fiat and cryptocurrency assets associated with FTX's bankruptcy filing.
Under the proposed valuation, Bitcoin claims are estimated at $16,871 each, Ethereum at $1,258, and Binance Coin at $286. However, it notably lacks estimated prices for FTX Token (FTT), while encompassing prices for leveraged tokens, tokenized shares, spot derivatives, and cryptocurrency futures.
The court holds significant discretion in choosing the most suitable method to estimate the value of claims linked to digital assets, emphasizing the aim to evaluate the claims within the relevant circumstances without striving for absolute mathematical precision.
The debtors explained that the Plan for distributing claims related to digital assets involves converting the digital assets' value into cash based on the filing date's exchange rate as specified in the Digital Asset Conversion Table.
The estimation process employed data from Coin Metrics, and objections from involved parties in the bankruptcy case are to be filed by January 11, with a scheduled hearing set for January 25 to review the matter. Despite objections from several purported FTX users on platforms like X (formerly Twitter), some users have opted to sell their claims for less than their total value due to the inability to access funds since November 2022.
If the court sanctions the plan, many cryptocurrency holders could miss out on gains from certain tokens. Since FTX's collapse, Bitcoin has surged by over 150%, reaching $42,452 at the time of this submission. Similarly, Ethereum's price has risen by more than 87%, ascending from $1,258 to $2,354.
